In NCDEX Turmeric we see prices moved higher due to some short covering on Monday
Prices have been under pressure due
to higher deliveries at Exchange. For June, about 3400 tonnes of
delivery allocation is done till 21st June against 10 tonnes delivery
last year. Moreover, start to new season planting and steady
export demand is keeping prices under pressure. As per
Commerce Ministry, turmeric exports during the month of March,
up 25.5% y/y to 13,140 tonnes (Vs 10,473 t). While, turmeric
exports in 2018/19 is up by 19.2% compared to last year. Country
exported about 1.33 lakh tonnes of turmeric in FY 18-19
compared to 1.11 lt last year. In 2018/19, production is forecast
at 10.77 lt in the 3rd advance estimates by the government.
Turmeric futures expected to trade under pressure on higher
stocks with traders and farmers. However, improving export
demand and forecast of below normal rains in the turmeric
growing areas of the country may support prices as season
progresses
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